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Finding the right property manager

On behalf of Goodkin & Lynch, LLP posted in blog on Thursday, March 15, 2018.

Owning a piece of commercial property in California may be exciting and a little frightening. It is a smart investment, and a multi-unit apartment rental can quickly pay for itself and begin to turn a nice profit. Part of the beauty of owning commercial property is delegating the work to people with skills in certain areas. This is where an apartment manager comes in.

Your apartment manager will do more than collect the rent checks. He or she will be your eyes, ears and hands, ensuring your tenants are well cared for and happy. Finding a manger who is trustworthy and capable takes some initial work, but the results could be the start of a satisfying business relationship.

Do some asking around

The first step to finding a reliable and skilled apartment manager or management company is by word of mouth. Asking people in numerous capacities, such as other property owners and real estate agents, which manager or service they use can help you narrow down the candidates with the best reputations. Using online rating sites, Facebook and other forms of social media can give you a candid look at the managers you are considering. Finally, it never hurts to check the Better Business Bureau for reports of complaints.

When you have your list narrowed down to a few names, you can begin the legwork of your investigation. Here are some questions to ask that may help you trim your list even more:

Are the manager's ads for vacant apartments professional? Do they run in a wide variety of sources?

What is the condition of the properties they currently manage?

Are the tenants happy with the way the manager runs the apartment building, the speed with which complaints are addressed, the feeling of safety and security on the property?

Do the tenants intend to renew their leases?

What is the atmosphere like surrounding the apartment?

You may be ready to interview prospects for the management of your commercial building, and you should have several lined up so you have some to compare. The interview should give you a feel for the manager's method of working, work ethic and overall competency for the position.

Finally, you will want to do a background check and verify the candidate's training, management license and other credentials. Before offering the job, you would benefit from having an attorney review your management agreement and any other legal documents that will serve to protect you as you turn over the running of your commercial property to your new manager.

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